CONTRACT OF LEASE

This Contract made and executed by and between:

MS. MICHELLE O. BAMAT, single, Filipino, of legal age, with

residence at 123 Solano St., San Antonio, Pasig City, Metro
Manila, hereinafter referred to as the LESSOR;

- and -

MR. MICHAEL J. ORDANO, single, Filipino, of legal age,

hereinafter referred to as the LESSEE;

WITNESSETH: That -

WHEREAS, the LESSOR is the absolute owner of the residential condominium

unit (the Property) located at 1203 Phoenix Tower, Emerald Avenue, Ortigas
Centre, Pasig City;

WHEREAS, the LESSEE has offered to lease the Property with an area of 150
sq. m., more or less (the Leased Premises) and the LESSOR has accepted
said offer, subject to the terms and conditions hereinafter set forth;

NOW, THEREFORE, for and in consideration of the foregoing premises and the
stipulations hereinafter set forth, the parties hereby agree as follows:

SECTION 1. SUBJECT

The LESSOR hereby leases to the LESSEE and the latter hereby agrees
to lease from the former the Leased Premises.

SECTION 2. TERM

The term of the lease shall be for two (2) year/s, commencing on April 1,
2013 and terminating on March 31, 2015. This lease may be renewed subject to
mutual agreement in writing of the parties. For this purpose, the LESSEE shall,
if he/she/it so desires to renew the lease, issue a written request for renewal to
the LESSOR at least three (3) months before the expiration of the lease term.

Notwithstanding the foregoing, the LESSOR may pre-terminate the lease

upon 30 days prior written notice to the LESSEE. On the other hand, the
LESSEE may pre-terminate the lease upon 30 days written prior notice to the
LESSOR, subject, however, to the forfeiture of the Advance Rentals and the
Deposit provided for in Section 4 hereof.

SECTION 3. RENTAL
 Page -2 -

3.1. The LESSEE agrees to pay the LESSOR a monthly rental of PESOS:
Twenty Thousand Pesos (P20,000.00), plus any Value Added Tax due thereon.

3.2. The monthly rental due shall be due and payable at the residence of the
LESSOR or within the first five (5) days of each month to which such monthly
rental corresponds without need of demand.

3.3. Rental in arrears shall be charged a penalty of two percent (2%) per
month of rental due, computed from the due date of payment thereof until fully
paid, without prejudice to the right of the LESSOR to cancel the lease by reason
of such default.

SECTION 4. ADVANCE RENTAL AND DEPOSIT

4.01. Not later than the execution of this Contract, the LESSEE shall pay to the
LESSOR an amount equivalent to two (2) months rentals as deposit in cash or
check in readily available funds. In addition, the LESSEE shall pay to the
LESSOR an advance rentals equivalent to two (2) months rentals, in cash or
check, in readily available funds, to be delivered by the LESSEE to the LESSOR
upon execution of this Contract. The advance rentals shall be applied to the last
two (2) months of the lease term while the deposit shall be applied to the utilitiy
charges, rentals and other obligations payable by the LESSEE under this
Agreement, subject to Section 3 hereof.

In case of expiration of the lease or its cancellation by the LESSOR, the

deposit shall be refunded to the LESSEE only after full and faithful compliance
by the LESSEE of all his/her/its obligations hereunder after deducting therefrom
any expense, liabilities and damages sustained by the Leased Premises or by
the LESSOR on account of or by reason of this lease.

SECTION 5. UTILITIES

The LESSEE shall shoulder the installation costs for separate electric and
water meters and shall pay all bills and/or charges for water, electricity, aircon
charges, telephone services, garbage disposal and other necessary utility
services actually used or consumed by the LESSEE within the Leased Premises
during the term of the lease. The LESSEE agrees and undertakes to fully and
promptly pay said charges and utilities. In the event the LESSEE fails to fully
pay any utility charges on due date, the LESSOR shall have the right to cut off or
cause the cut off of said utility/ies, without prejudice to its right to terminate this
Contract.

SECTION 6. USE AND CARE OF THE LEASED PREMISES

6.01. The Leased Premises shall be used exclusively by the LESSEE for
residential purposes only and should not be devoted to any other use or purpose
without the LESSORs prior written consent.
 Page -3 -

6.02. The LESSEE shall, at his/her/its own expense, maintain the Leased
Premises in clean and sanitary condition, free from obnoxious odors, disturbing
noises and other nuisances, and upon termination of the lease, return and
surrender the Leased Premises to the LESSOR in good condition as it was
actually found at the beginning of the lease, save for the ordinary wear and tear.

6.03. The LESSEE shall, at his/her/its own expense, provide for garbage
receptacles and disposal required under the law, ordinance or regulation, or
condominium owners association.

6.04. The LESSEE shall not bring in or store in the Leased Premises
inflammable explosives or substances/materials prohibited by law, ordinance,
insurance contract, condominium owners association, or which increases the
risk of exposure of the Leased Premises to fire.

6.05. The LESSEE shall comply with all other rules, regulations, ordinances and
laws promulgated or enforced by the duly constituted government authorities as
well as with any and all the rules and regulations of the LESSOR, or the
condominium owners association, regarding the use of the Leased Premises.

SECTION 7. INSPECTION OF LEASED PREMISES

The LESSOR, through its representative/s, shall have the right to enter
the Leased Premises at reasonable hours and as often as necessary for the
purpose of inspecting the same and to determine compliance by the LESSEE
with the provisions of this Contract.

SECTION 8. IMPROVEMENTS AND ALTERATIONS

The LESSEE may, at his/her/its own expense, introduce improvements on

the Leased Premises to suit the LESSEEs purposes upon prior written consent
of the LESSOR. All such improvements which are not attached or fixed to the
Building or any part thereof as well as furniture, fixtures and equipment shall
remain the properties of the LESSEE; provided that before the LESSEE can
remove any improvements upon the expiration of the lease, the LESSOR shall
first be notified in writing. It is expressly understood that any building and fixed
improvements introduced by the LESSEE in the Leased Premises shall, upon
termination or expiration of the term of the lease, be automatically owned by
the LESSOR without any obligation to compensate the LESSEE therefor.

All realty taxes due on the Leased Premises shall be for the account of
the LESSOR. However, realty taxes due on the lease improvements introduced
by the LESSEE on the Leased Premises shall be for the account of the LESSEE.

SECTION 9. REPAIRS AND MAINTENANCE

 Page -4 -

Expenses for minor repairs and maintenance of the Leased Premises for
the duration of the lease, in order to keep the Leased Premises in good and
habitable condition, shall be for the account of the LESSEE. However, major
repairs which pertain to the structural defects of the Leased Premises shall be
for the account of the LESSOR except when such repair is due to damage
caused by the fault or negligence of the LESSEE, in which case the latter shall
be solely liable therefor.

SECTION 10. INJURY OR DAMAGE TO THIRD PERSONS AND PROPERTY

10.01. The LESSOR shall not be liable for any injury, loss, damages, including
death, which the LESSEE or his/her/its employees, clients, or guests may suffer
within the Leased Premises, nor for damage or loss to the LESSEEs property,
equipment, merchandise, furniture and effects likewise sustained within the
Leased Premises, caused by, but not limited to the following:

(a) presence of bugs, cockroaches, vermin, ants, termites and other kinds
of insects;

(b) failure or disruption of water supply and/or current;

(c) fire due to faulty electrical wiring, fuse installations, etc.;

(d) defective plumbing of pipes; bursting, leaking, destruction or clogging

of any cistern tank, washstand, water closet, waste or soil pipes, etc.;

(e) leakage of water or other elements from the roof or any part of the
building due to rain, typhoon, flood, earthquake, ongoing repairs or
other construction works and/or any other incident;

(f) any and all damages on all other parts of the building due to flood and
other related incidents;

(g) loss of any article delivered to or left within the Leased Premises;

(h) robbery, theft or any other crimes;

(i) acts of negligence and/or vandalism of the LESSEE or its guests;

(j) breakdown of the airconditioning unit/s (if any); or

(k) for any other cause whatsoever not due directly or indirectly to the
fault or gross negligence of the LESSOR.

10.02 In view of the aforementioned Section, the LESSEE hereby assumes full
and exclusive responsibility regardless of cause, except for fault or gross
negligence of the LESSOR, for injury to person or damage to property of
employees, guests, clients or other persons while remaining either casually or
on business, in any part of the Leased Premises.

SECTION 11. SUBLEASE AND ASSIGNMENT OF RIGHTS

 Page -5 -

The LESSEE shall not sublet the Leased Premises in whole or in part
without the LESSORs prior written consent, but the making of any such
sublease shall not release the LESSEE from, or otherwise affect in any manner,
any of the LESSEEs obligations hereunder. The LESSEE shall not assign, in
whole or in part, his/her/its rights and obligations in this Contract without the
prior written consent of the LESSOR, and a consent to an assignment shall not
be deemed to be a consent to any subsequent assignment. Any such
assignment without the LESSORs consent shall be void, and shall, at the option
of the LESSOR, terminate this lease. Neither this lease nor the leasehold estate
of the LESSEE nor any of his/her/its interest in the Leased Premises or any
buildings or improvements thereon shall be subject to involuntary assignment,
transfer, or sale by operation of law in any manner whatsoever, and any such
attempted involuntary assignment, transfer, or sale shall be void and of no effect
and shall, at the option of the LESSOR, terminate this lease.

SECTION 12. INSURANCE

The LESSEE may insure its insurable interests in the Leased Premises at
his/her/its own cost and expense against loss or damage by fire or other
customary risks, the proceeds thereof to be used for immediate repairs of the
Leased Premises in case the same or a portion thereof is totally or partially
destroyed by fire and/or other fortuitous events, in order to make the Leased
Premises habitable for the LESSEEs purpose. For this purpose, the LESSEE
shall furnish the LESSOR with a certified true copy of the insurance policy
together with the official receipts of payment of premium. It is hereby understood
that the partial or total destruction of the Leased Premises does not
automatically mean termination of this Contract.

SECTION 13. ABANDONMENT AND/OR NON-OPERATION

Except for justifiable reasons or causes, in case the Leased Premises

shall be closed or deserted or vacated for a continuous period of thirty (30) days
during the period of this lease, the LESSOR shall have the right to repossess the
Leased Premises and exercise its rights as LESSOR.

SECTION 14. WARRANTIES

The LESSEE shall, during the effectivity of the lease, keep and maintain
the Leased Premises in good order and condition. The LESSOR hereby
warrants the peaceful possession, use and enjoyment by the LESSEE of the
Leased Premises. The LESSOR agrees not to do any act which may, in any
manner, interfere with such peaceful possession, use and enjoyment. Any
disturbance or discontinuance of the possession of the Leased Premises by the
LESSEE for causes beyond the control of the LESSOR shall confer no right of
any kind to the LESSEE as against the LESSOR.

SECTION 15. DEFAULT AND SURRENDER OF THE LEASED PREMISES

Upon the occurrence of any of the following events:

 Page -6 -

(a) The LESSEE fails to fully pay on due date any rentals, utility
charges or any other financial obligations of the LESSEE under
this Contract; or

(b) The LESSEE fails to perform or violates any of the terms and
conditions of this Contract, and such failure or violation
continues to be unremedied for a period of thirty (30) days after
notice from the LESSOR with respect thereto, or

(c) abandonment by the LESSEE of the Leased Premises as provided

under Section 13 hereof,

then and in any such event, the LESSOR may, by written notice (the Notice) to
the LESSEE, which Notice shall take effect immediately, declare this Contract
terminated and cancelled and recover from the LESSEE the possession of the
Leased Premises. Upon termination or cancellation of this Contract, the LESSEE
shall immediately surrender the Leased Premises to the LESSOR or its
authorized representative/s. Upon failure of the LESSEE to surrender the
Leased Premises within the period specified in the Notice, the LESSEE hereby
grants authority to the LESSOR to:

(i) cut off the utilities, such as water, electricity, telephone, airconditioning
system, etc., and

(ii) padlock the Leased Premises without need of further notice. The
LESSOR shall also have the authority to enter and take possession of
the Leased Premises holding in its trust and custody the possessions
and belongings of the LESSEE found therein after an inventory of the
same in the presence of a witness, all these acts being hereby agreed
to by the LESSEE as tantamount to its voluntary vacation of the
Leased premises without the necessity of suit in court.

The total unpaid amounts corresponding to the utilities consumed or used

by the LESSEE shall be deducted from any deposit made by the LESSEE
hereunder. In addition, the LESSEE shall pay the LESSOR (aa) all accrued and
unpaid rents and penalty charges; (bb) all expenses incurred by the LESSOR
in repossessing and repairing the Leased Premises; and (cc) any other
damages suffered by the LESSOR due to the fault of the LESSEE. The
LESSOR shall have the right to forfeit the advance rentals and the deposit and
apply or any monies due the LESSEE under this Contract to satisfy said
obligations of the LESSEE.

The foregoing remedies shall be without prejudice to any other rights or

remedies of the LESSOR under the law.

SECTION 16. TERMINATION

16.01 Upon termination or expiration of the term of the lease, the LESSEE
agrees to return and peacefully surrender possession of the Leased Premises to
the LESSOR or its authorized representative/s, in as good condition as
reasonable wear and tear will permit and without any delay whatsoever, devoid
of all occupants, furniture, articles and effects of any kind other than the
additions or improvements which the LESSOR may elect to take. Should the
LESSEE fail to peacefully surrender or vacate the Leased Premises, the
LESSEE shall be liable to pay the LESSOR rentals and utility charges at the rate
 Page -7 -

equivalent to one hundred fifty percent (150%) of the prevailing rates; provided
that, the continued receipt of payment by the LESSOR shall neither be
construed as a renewal of the lease nor a waiver of the LESSORs right to evict
the LESSEE by reason of the termination or expiration of the lease.

16.02. In case this Contract is terminated or cancelled, whether judicially or

extra-judicially, by reason of any default or breach committed by the LESSEE,
the LESSEE shall be fully liable to the LESSOR for the damages that may be
sustained by the latter, actual or consequential, resulting from such default or
termination, including the amount of the rentals for the unexpired or unused
portion of the lease term, the costs and expenses of litigation, and attorneys fees
in an amount not less than ten percent (10%) of the amount due but in no case
be less than P10,000.00. Moreover, the LESSEE shall hold the LESSOR free
and harmless from any and all claims and shall indemnify the LESSOR for other
damages which the LESSOR may suffer by reason thereof.

16.03 In such event, the LESSOR is hereby irrevocably authorized and

designated as the attorney-in-fact of the LESSEE to sell at public or private sale
upon thirty (30) days notice to the LESSEE, any and all improvements, goods,
merchandise, furniture, fixtures and equipment located at the Leased Premises,
and to apply the proceeds of such sale to any damages and outstanding
obligations of the LESSEE under or arising from or in connection with this
Contract and/or the termination or cancellation thereof.

SECTION 17. MISCELLANEOUS

17.01 This Contract shall be binding and enforceable on the parties and their
respective assigns and successors-in-interest.

17.02 This Contract shall take effect on the date mentioned in Section 2 hereof
and shall remain in force until terminated in accordance with the provisions
herein.

17.03 All notices which the LESSOR shall issue to the LESSEE in connection
with this Contract shall be deemed to have been received by the LESSEE if such
written notice shall be delivered by the LESSOR to the Leased Premises. Actual
receipt by the LESSEE of said written notice shall not be required.

17.04 At any time during the term of this Contract, the parties may, upon mutual
agreement, amend, modify, supplement or revise any provision of this Contract.

17.05 If any provision contained in this Contract shall be declared invalid, illegal,
or unenforceable in any respect under any applicable law, the validity, legality
and enforceability of the remaining provisions shall not in any way be effected or
impaired.

17.06 Any legal action or proceeding arising under this Contract shall be filed
before the competent courts of Metro Manila.
 Page -8 -

IN WITNESS WHEREOF, the parties hereto, through their respective authorized

representatives, have signed this Contract of Lease on 30 th day of March 2012 at
Pasig City.

MICHELLE O. BAMAT MICHAEL J. ORDANO

LESSOR LESSEE

SIGNED IN THE PRESENCE OF:

_________________________ _________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

) S. S.

At the above state locality, on this ______ day of ________________,

before me personally appeared:

Name Comm. Tax Cert. No. SSS No. Place/Date Issued

MICHAEL J. ORDANO

MICHELLE O. BAMAT

known to me to be the same persons who executed the foregoing instrument and
acknowledged the same to be their free and voluntary act and deed as well as
the corporation/s represented herein.

Said instrument refers to a CONTRACT OF LEASE, consisting of nine (9)

pages, including the page on which this Acknowledgment is written, and signed
by the parties and the witnesses on the signature page hereof and initialed on
the other pages and sealed with my notarial seal.

NOTARY PUBLIC
Doc. No. ____
Page No. ____
Book No. ____
Series of ____